John O'Boyle/The Star-LedgerNets GM Billy King and his staff have been busy over the last three days. Reports have them agreeing to a deal with European forward Mirza Teletovic.

According to a tweet from Howard Beck of the New York Times, the Nets have reached an agreement in principle on a three-year contract with European forward Mirza Teletovic.

Teletovic, a 6-9 Bosnian, bought out his contract with his Spanish league team, Saski Baskonia (also known as Caja Laboral) this summer and reports had him wanting to play in the NBA for the Nets or Cleveland Cavaliers. Later reports had him agreeing to a deal with the Nets.

A subsequent tweet from ESPN's Chad Ford said Teletovic, who averaged 21.7 points per game in 10 Euroleague games, has agreed to a deal worth $15.675 million, and would fit into the Nets' $5 million, mid-level exception, further filling up the team's salary cap.

Because the Nets are using the mid-level exception and they're not over the luxury tax, their payroll won't be able to exceed $74 million this season (the salary cap last season was $58 million) so it makes it that much more difficult to imagine them finding a way to fit Dwight Howard -- who they are again talking to Orlando about trading for -- into that budget. Howard, Joe Johnson and Deron Williams, assuming he re-signs with the Nets, would make a combined $58.8 million, and Teletovic ($5.25 million) and Gerald Wallace (who agreed to a four-year, $40 million deal Sunday) take the Nets nearly up to the limit with salary commitments to just five players.

The Nets are still waiting for Williams to announce if he will re-sign with the club. He has said he wants to announce his decision before he leaves for the U.S. Olympic team training camp in Las Vegas later this week.